Demolition is always a really unfortunate circumstance, but in just looking at the building, there were few other options.

The building itself is a wooden framed structure; unlike the vast majority of those on Eighth Avenue. It's size and materials of construction most certainly date this building to the first wave of development for the area--so, 1890-1905 ( + or - a few years in either direction).

The real point of failure in this building (ultimately calling for its demolition) was not the building itself, but rather the niche carved out of the base for a walkway between two buildings. The upper two stories actually appear to be in fairly good condition.

My guess would be (and from looking at fire insurance maps) that the brick building (now demolished) next to this building was actually holding this building up. When the brick building was demolished, this building--with the base unable to support the weight of the upper floors--began collapsing into the void.